Binance Labs Announces Partnership With Elfin Kingdom

Binance Labs, the blockchain technology incubator from Binance, has recently announced a partnership with Elfin Kingdom. This partnership falls squarely within Binance Lab’s long-term strategy to scale up the blockchain ecosystem.

Welcome @elfinkingdom to the Binance Labs Family, keep #BUIDL and game on 🙌🎊🍾#Binance #BSC #BinanceLabshttps://t.co/EGj3nctYNC

— Binance Labs Fund (@BinanceLabs) December 16, 2021

Elfin Kingdom is a very unique piece to this because of its ability to merge two financial applications in crypto. This interesting play-to-earn project blends the best of Decentralized Finance, DeFi, and GameFi all within a single gaming metaverse. Speaking during the partnership’s announcement, Binance Labs Investment Director Ken Li said, “The Web 3.0 landscape offers wonderful opportunities, with Elfin Kingdom leading the way as one of the most promising projects in GameFi. Through this strategic partnership, we are excited to support their team as they seek to create a positive impact in the lives of millions of potential users.”

The Elfin Kingdom GameFi Model

In Elfin Kingdom, users take part in amazing journeys, capturing Elfins along the way. There exist so many types of Elfins, each with varying skills and traits. To reach higher levels, players engage in activities like feeding, battling, and mining them to change their abilities and form. The Elfin Kingdom CEO Juan Ibagon, also spoke at the announcement saying, “Through our GameFi model, we are on a mission to facilitate increased interaction for users with the decentralized finance ecosystem. We’ll also spread sound principles of financial education, while providing working opportunities for people, particularly in developing regions like LATAM and SouthEast Asia. We are delighted to have Binance Labs as a strategic partner on board to further the reach of GameFi, the hottest segment in crypto at the moment. The investment will enable us to focus on building a robust platform with various new features for our growing community of users.” This is not the first of Binance Lab’s investments into blockchain gaming. The incubator has put in an estimated $150M into projects that show the potential of growing the blockchain ecosystem. Some of these projects include MOBOX, COCOS, Highstreet, and now Elfin Kingdom is part of the list.